RIYADH: Mining presents significant opportunities for collaboration between Saudi Arabia and Finland, a senior Finnish minister stated, emphasizing the “almost unlimited potential” of their bilateral relationship.

In an interview with Arab News on the sidelines of the Future Minerals Forum in Riyadh on Jan.14, Wille Rydman, Finland’s minister for economic affairs, highlighted that Saudi Arabia’s partnership with Finnish companies could play a key role in achieving sustainability within the Kingdom's mineral sector.

Saudi Arabia already enjoys a robust relationship with Finland in the energy sector. In October 2024, the two countries signed a memorandum of understanding to accelerate collaboration in areas such as clean power technologies, stable electricity systems, and climate change mitigation solutions.

“I think that there is almost unlimited potential in our bilateral trade relations. As we are now meeting here in the Future Minerals Forum, the focus is heavily on the mining industry. And I think that’s one of the arenas where our countries can cooperate even deeper in the future,” Rydman said.

He added: “Finnish companies are very known for their sustainability, their ability for doing (a) sustainable mining industry. I’m very confident that they can also give a lot of know-how and business potential for Saudi Arabia’s mineral sector.”

Rydman further emphasized that Finnish collaboration in the mining sector would assist Saudi Arabia in meeting its energy transition targets. Strengthening the industry, he noted, is essential for achieving these goals, as minerals are crucial for the electrification of societies.

“It’s been globally very well recognized how important a role critical raw materials are playing in the future energy transition, and how important it is to maintain those critical supply and value chains when it comes to minerals and mining industry,” the minister explained.

He also pointed out that Saudi Arabia’s Vision 2030, which includes objectives like responsible mining and the use of green energy, presents valuable opportunities for Finnish companies to operate within the Kingdom.

“The aims and targets that Saudi Arabia has put for itself are actually kind of targets and aims where Finnish companies have been succeeding very well, especially when it comes to the mining industry, responsible mining, green energy, green and clean transition. And that’s why I think that Finnish companies entering Saudi Arabian markets can help Saudi Arabia to reach those targets,” Rydman said.

The minister also extended an invitation to Saudi investors to explore opportunities in Finland.